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Gurit has announced a revaluation of its operating profit potential for fiscal year 2018. Operating profit margin for the full year 2018 is now expected to come in at 6.5-7.5 % of net sales.
Based on the recent business performance with continued losses in the Composite Components business, the Company revises its operating profit guidance down from the previously communicated mid-level of the 8-10% target range to an expected 6.5-7.5% operating profit margin range for the full year 2018. This is caused by higher losses and restructuring expenses in Composite Components compared to what was expected at half year 2018.
Without the losses in Composite Components, Gurit would have exceeded the margin guidance range of 8-10% in CY 2018 in its continued business.
Gurit has decided to restructure the Composite Components business and to concentrate the component manufacturing in Hungary in 2019. Moreover, a divestment process for Composite Components has been initiated.
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